We believe the buying momentum for ViTrox Corporation may have returned after it broke above the 2-month bullish rectangle formation with a white marubozu candlestick on Friday. The stock’s move above the RM8.00 psychological mark, coupled with its rising EMAs, indicates that the bullish trend may persist. A bullish bias may emerge above the RM8.00 level, with a stop-loss set at RM7.50, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM8.50, followed by RM9.00.
Entry : RM8.00–8.20
Target : RM8.50, RM9.00
Exit : RM7.50
Source: AmInvest Research - 30 Jan 2023
